Overnight (8th), the three major US stock indices leapfrogged, with the DJIA closing up 1,325 points or 2.85%, while the S&P 500 and the Nasdaq jumped up 2.5% and 2.8%, respectively, after the US and Iran reached a temporary ceasefire. However, uncertainty lingers over the reopening of the Strait of Hormuz, as Iran is dissatisfied with Israel's persistent attacks on Hezbollah targets in Lebanon and has re-closed the strait.

International oil prices rebounded after a collapse. New York oil futures for May delivery and Brent oil futures for June delivery last swelled 4.1% and 3.2% at USD98.29 and USD97.77 per barrel, respectively. The Federal Reserve released minutes of its meeting last month, noting that officials still expect one rate cut this year, despite uncertainties surrounding the Iran conflict.

Related NewsPPI YoY for Mar in China is 0.5%, higher than the previous value of -0.9%. The forecast was 0.4%.
After wild upswing in the previous session, major Asia-Pacific stock markets broadly softened this morning (9th). Mainland China's Shanghai and Shenzhen markets opened lower, with the Shanghai Composite Index down 27 points or 0.7% at 3,967, and the Shenzhen Component Index down 114 points or 0.8% at 13,928. Hong Kong bourse started down 136 points or 0.5% at 25,756. Taiwan's market edged down 1 point in early trading to 34,759.

Following a 5.4% surge in the previous session, the Nikkei opened down 108 points at 56,199 this morning. It briefly turned north by 98 points in early trading before retreating from its peak, and last down 395 points or 0.7% at 55,912. After jumping up 6.8% in the previous trading day, South Korea's market pared back 61 points or 1% to 5,811.

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